We noted earlier this week that while the stock market’s rising to a new record does create a so-called “wealth effect” whereby both businesses and consumers feel better about their economic prospects, 46% of Americans don’t have any exposure to the stock market at all. This means many Americans are not getting a direct benefit from the stock market’s new record highs.

Trump’s tweet also comes as something of a rebuke to the idea that while the stock market has rallied to new records since his election — the benchmark S&P 500 index is up over 18% since election night — this rally has been but an extension of the bull market we saw during the Obama administration.

The Dow and the S&P 500 have both staged huge rallies over the last year, with these gains really taking off after the election. (Source: Yahoo Finance)

Trump added in a follow-up tweet Thursday morning, “I am continuing to get rid of costly and unnecessary regulations. Much work left to do but effect will be great! Business & jobs will grow.”

The impact that cutting regulations could have on the U.S. economy and the stock market has been touted by many analysts as an under-appreciated aspect of the economic plan the White House has branded “MAGAnomics.”

Back in February, strategist Tom Lee of Fundstrat said that for investors, “deregulation is your biggest lever to pull.” Lee said at the Yahoo Finance All Markets Summit that financial sector regulation has cost $55 billion over the last eight years; tech sector regulations cost another $30 billion.

Unlike tax reform or infrastructure spending, both of which face arduous legislative paths, a deregulatory agenda can be enacted more swiftly by the president.

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Myles Udland is a writer at Yahoo Finance. Follow him on Twitter @MylesUdland